KWEB wheel: cash-secured put & covered-call yields
KraneShares CSI China Internet ETF · ETFs · $22.91 close on Nov 12, 2026
What the Nov 12, 2026 close says about KWEB
At 29.1% implied volatility, the options market is pricing a one-standard-deviation move of about $2.09 (9.1%) in KWEB by Dec 18, 2026, 36 days out.
Selling the $22 put (−0.33Δ) for $0.47 means assignment would leave a cost basis of $21.53, 6.0% below the $22.91 close.
The 64-day 0.30Δ put pays 0.9× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.013 vs $0.007).
At 0.30Δ on the Dec 18 expiry the put yields 2.14% on its strike and the call 2.23% on spot: puts and calls pay within 10% of each other on KWEB this session.
Moving down to the $21 put (−0.18Δ) buys 4.4% more room below spot and keeps 51% of the 0.30Δ premium.
Open interest in the stored window totals 278,855 contracts; the largest single line is the $24 call expiring Dec 18 with 77,870 (27.9% of the window).
By options volume KWEB ranks #82 of 679 names in our universe.
Near-the-money options volume (4.6k) is 1044% above its 5-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on KWEB
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $22 | −0.33 | $0.47 Nov 12 | $47.00 | $2,200 | 2.14% | 21.7% | $21.53 | 6,994 | 1,260 |
| 0.20Δ | $21 | −0.18 | $0.24 Nov 12 | $24.00 | $2,100 | 1.14% | 11.6% | $20.76 | 2,754 | 263 |
Snapshot #9414 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $21 | −0.26 | $0.42 Nov 12 | $42.00 | $2,100 | 2.00% | 11.4% | $20.58 | 16,228 | 1,076 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #9414 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on KWEB
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $24 | 0.33 | $0.51 Nov 12 | $51.00 | 2.23% | 22.6% | 6.98% | 70.8% | 77,870 | 710 |
| 0.20Δ | $25 | 0.20 | $0.25 Nov 12 | $25.00 | 1.09% | 11.1% | 10.21% | 103.6% | 32,852 | 1,755 |
Snapshot #9414 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $25 | 0.27 | $0.50 Nov 12 | $50.00 | 2.18% | 12.4% | 11.31% | 64.5% | 37,314 | 2,169 |
| 0.20Δ | $26 | 0.19 | $0.33 Nov 12 | $33.00 | 1.44% | 8.2% | 14.93% | 85.1% | 7,385 | 122 |
Snapshot #9414 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
KWEB volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 29.1%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 278,855 contractssession 2026-11-12
- Largest open-interest line
- $24 call · Dec 18 · 77,870
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #82 of 679 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- No contract near 0.20Δ traded this session
- We are building our own daily implied-volatility history (34 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.